Thread by @iearnfinance

The markets rain fire, but we do not cower, we deliver

Go tell the Spartans, stranger passing by, that it is here

Blue metal + bronze

Yearn + Synthetix

$YFI + $SNX

🧵 below

Staking $SNX is not for the faint of heart

It requires debt management, weekly transactions and high gas fees

We're ending all that

Starting today, users anywhere can deposit $SNX into a Yearn vault and stop micromanaging their positions

It was perhaps our most-requested vault and one of our most complex

More than half a dozen devs have worked on it over eight weeks

It could lead to our next $1 billion in TVL

Why?

1/ Weekly claims will be handled automatically, so $SNX stakers don't have to do them by hand

2/ Claims are done in a batch, which lowers the gas costs dramatically (recent claim txs have cost stakers $200+)

3/ Normally, $SNX stakers have exposure to the Synthetix debt pool. Yearn neutralizes debt exposure on the backend (much like we do for other CDP positions)

4/ Accrued $SUSD will automatically deposited into Yearn's $SUSD vault to earn even more yield

5/ When you're ready to withdraw, you can take out your deposit + accumulated $SNX in $SNX or zap out directly into $ETH, $WBTC, $DAI, $USDC, or $USDT.

Yearn's standard vault fees apply: 2% management fee + 20% performance fee. Both should be covered by savings in gas fees alone for most users.

tldr: Yearn vaults will become the gold standard for $SNX staking moving forward

Come Spartans, let us stand 🛡 to 🛡 from here to Valhalla

⚔️